Oil prices decline over 1.5% as supply woes ease - Breaking The News
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Oil prices decline over 1.5% as supply woes ease

EPA-EFE/CAROLINE BREHMAN

Crude oil prices for front-month contracts dripped on Monday after United States President Donald Trump backtracked on his sanctions against Colombia, easing some of the pressure on commodity markets.

According to the data from the Observatory of Economic Complexity, Bogota exported $6.05 billion worth of crude petroleum to the United States in 2022.

West Texas Intermediate (WTI) for March settlements fell 1.81% to $73.29 a barrel at 11:15 am ET. Brent for the same month's deliveries lost 1.61% to trade at $77.15 a barrel.

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